Conservatives have been trying to frighten investors about the prospects of a Barack Obama presidency. Larry Kudlow wrote, “Wall Street, beware,” while The Street’s Richard Moore suggested “that the market seems to do better when Barack Obama is having problems.” Michael Pento of Delta Global Advisers claimed another Depression is “where we’re headed” if Obama’s economic plans are adopted. Watch a compilation:
Wall Street however, disagrees, and is donating more to Obama’s campaign than to the campaign of Sen. John McCain (R-AZ).
Bloomberg reports that Obama “has captured $9.6 million in donations from employees working for securities, mortgage and drug companies, compared with McCain’s $6.6 million.” From “brokers, bankers and traders in the securities industry” Obama has gathered $8.9 million to McCain’s $6.3 million, and “their support comes even as Obama seeks higher taxes for wealthy Americans.” Workers in the mortgage industry, meanwhile, “gave $278,937 to Obama and $133,475 to McCain.”
In 2004, all of these industries donated more to President Bush than they did to Sen. John Kerry (D-MA). Yet by rejecting McCain, Wall Street is showing its dissatisfaction with the past eight years of Bush’s presidency, which saw skyrocketing deficits and financial crises. Perhaps they also want to make sure that benefits are dispersed throughout the economy, rather than given to just the wealthiest Americans.
However, there are some industries with which McCain is more popular. Bloomberg notes that the oil and gas industries gave their “million dollar maverick” McCain “four times the amount” that they’ve given Obama.